BHP warns of Olympic Dam disruption until 2010 Guardian.co.uk. 22 Oct 09 Following yesterday’s mixed production report from Xstrata, comes a similar theme from BHP Billiton. “……….
BHP also warned of higher than normal stockpiles of commodities in the key Chinese market. Charles Kernot at Evolution Securities issued a sell note, saying:
Production was mixed and is still broadly below year-ago levels (with the exception of oil and gas). Commodity expectations are the bug-bear with near-term demand likely to weaken rather than strengthen.
The group’s outlook statement… confirms our view that Chinese restocking is at an end and current metal stocks are at higher than normal levels. The rest of the world is still suffering and there is no expectation of higher demand until after mid-2010 – nine months away…………….The news has left BHP shares down 30p at £17.96.
BHP warns of Olympic Dam dispruption until 2010 | Business | guardian.co.uk
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